RTGS/NEFT

RTGS/NEFT FAQs

When does the beneficiary get the credit for a RTGS payment?

A. Under normal circumstances the beneficiary Bank branch receives the funds in real time as soon as funds are transferred by the remitting Bank. The beneficiary Bank has to credit the beneficiary’s account within 30 minutes of receiving the funds transfer message.

When does the beneficiary get the credit for a NEFT payment?

A. NEFT operates in half hourly batches throughout the day. Currently there are 48 settlements on all days including holidays. Therefore, the beneficiary can expect to get the credit within 2 hours.

If an RTGS transaction is not credited to the beneficiary account, does the remitter get back the money?

A. Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank. Once the amount is received by the remitting bank, it is credited to the remitter’s account.

If an NEFT transaction is not credited to a beneficiary account, does the Remitter get back the money?

A. Yes. If the beneficiary’s bank is unable to credit the beneficiary’s account for any reason, the former will return the money to the remitting bank. Once the amount is received by the remitting bank, it is credited to the remitter’s account.

At what time during the day/week the RTGS & NEFT services are available?

A. RTGS & NEFT transactions are sent to RBI as per the following schedule:

Day: All Days

Availability: 24 x 7

RBI NEFT transactions are settled in batches based on the following timings:

NEFT: 48 settlements on all days including holidays with the first batch commencing after 00:30 hours and the last batch ending at 00:00 hours.

RTGS: RTGS transactions are settled on real time basis.

Please note that all the above timings are based on Indian Standard Time (IST) only.

What is the mandatory information required to make an RTGS & NEFT payment?

A. For effecting an RTGS/NEFT remittance the remitter has to furnish the following information:

• Amount to be remitted.
• Name of the beneficiary bank and branch.
• Remitting customer’s account number which is to be debited.
• Name of the beneficiary bank.
• Name of the beneficiary.
• Account number of the beneficiary.
• Sender to receiver information, if any.
• IFSC of the beneficiary bank branch.

Whom I can contact, in case of non-credit or delay in credit to the beneficiary account for NEFT/RTGS transaction?

A. For Remitter: Remitter can contact their Bank/Branch or customer care of their bank in case of delay in NEFT/RTGS Transactions basis the UTR number provided against the transaction performed.

A. For Beneficiary: Beneficiary can contact their Bank/Branch or customer care of their bank where fund shall be credited in case of delay in NEFT/RTGS Transactions basis the UTR number if shared by the remitter to them.